MRKT 354 Lecture Notes - Lecture 6: Uptime, Conjoint Analysis, Foal
Document Summary
Marketing strategy lecture 6 value creation and pricing strategy (ch 8) In the replacement stage, the business has the opportunity for additional touch points (ex: product disposal) Value creation and co-creation: value creation first try to use marketing research, try to attract customers, selling them and the value stops here, co-creation has the same steps except there is co-creation and consumption. Not product specific, just a narrative of the customer process: video 2 describes from the customer"s perspective their ideal product with regard to its features. The company then uses this information to present the ideal product without constraints, even though it may not be possible. The end result is a good picture of how customers would like the product to work in their usage situation. Problems that occur later reduce customer retention rate. Customer focused business can use its order cycle as ways to increase customer valye. Customer journey from customer"s point of view.
